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Biz News Korea(Eng)

Kakao Bank attracts over 3 mn account opening in the first month of service

Collected: 2017.08.28

Distributed: 2017.08.29

Source: Go Direct

South Korea’s second online-only bank Kakao Bank led by the country’s top mobile chat platform Kakao Corp. that began service on July 27 expands in roaring pace, attracting more than 3 million new accounts in the first month, raising expectations for an entry by a third player within the year.

According to Kakao Bank on Sunday, account opening totaled 3.07 million with 1.958 trillion won ($1.7 billion) placed in savings and deposits. Loans totaled 1.4 trillion won and applications for debit cards numbered 2.16 million.

It has far outpaced the first online player K-Bank that has been business since April, drawing 6 times more new accounts with double value in deposits and savings.

How real Kakao Bank’s phenomenon remains to be seen. No transactions have been made in nearly seven out of 10 accounts. In contrast, just three out of 10 K-bank accounts stayed idle as of the first week of August.

Financial authorities are mulling to license a third player, having seen the explosive response to the two online-only banks.

KEB Hana Bank and Shinhan Bank as well as non-banking lenders are said to be readying to tap the market.

By Chung Ji-sung

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